B. Riley Initiates Coverage on Devon Energy (DVN)
B. Riley began coverage on shares of Devon Energy (NYSE:DVN) in a research report released on Monday, Marketbeat.com reports. The firm issued a neutral rating and a $50.00 target price on the energy company’s stock. B. Riley also issued estimates for Devon Energy’s Q4 2017 earnings at $0.40 EPS, FY2017 earnings at $1.61 EPS, Q1 2018 earnings at $0.72 EPS, Q2 2018 earnings at $0.60 EPS, Q3 2018 earnings at $0.62 EPS, Q4 2018 earnings at $0.67 EPS, FY2018 earnings at $2.61 EPS, Q1 2019 earnings at $0.75 EPS, Q2 2019 earnings at $0.72 EPS, Q3 2019 earnings at $0.76 EPS, Q4 2019 earnings at $0.85 EPS and FY2019 earnings at $3.08 EPS.
A number of other equities research analysts have also recently weighed in on DVN. Jefferies Group upgraded Devon Energy from a hold rating to a buy rating and set a $43.00 price objective for the company in a research note on Monday, October 9th. BMO Capital Markets set a $45.00 target price on Devon Energy and gave the company a buy rating in a research report on Tuesday, October 10th. Morgan Stanley upped their target price on Devon Energy from $42.00 to $48.00 and gave the company an overweight rating in a research report on Wednesday, October 18th. Cowen set a $40.00 target price on Devon Energy and gave the company a buy rating in a research report on Tuesday, October 31st. Finally, Stephens raised Devon Energy from an equal weight rating to an overweight rating and set a $53.00 target price on the stock in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Devon Energy has an average rating of Buy and a consensus price target of $47.72.
Shares of Devon Energy (NYSE DVN) opened at $34.94 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.63 and a current ratio of 1.63. The firm has a market capitalization of $19,299.00, a price-to-earnings ratio of 11.92, a P/E/G ratio of 1.78 and a beta of 2.10. Devon Energy has a 12 month low of $28.79 and a 12 month high of $47.25.
In other news, EVP Lyndon C. Taylor sold 12,798 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $38.29, for a total value of $490,035.42. Following the transaction, the executive vice president now directly owns 67,900 shares of the company’s stock, valued at $2,599,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.51% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. NuWave Investment Management LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at about $111,000. Advisory Services Network LLC increased its holdings in shares of Devon Energy by 127.8% in the fourth quarter. Advisory Services Network LLC now owns 3,445 shares of the energy company’s stock valued at $143,000 after purchasing an additional 1,933 shares during the period. Sawyer & Company Inc acquired a new position in shares of Devon Energy in the fourth quarter valued at about $151,000. FNY Managed Accounts LLC acquired a new position in shares of Devon Energy in the third quarter valued at about $134,000. Finally, Duncker Streett & Co. Inc. increased its holdings in shares of Devon Energy by 179.3% in the fourth quarter. Duncker Streett & Co. Inc. now owns 4,128 shares of the energy company’s stock valued at $171,000 after purchasing an additional 2,650 shares during the period. 77.75% of the stock is currently owned by institutional investors and hedge funds.
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Devon Energy Company Profile
Devon Energy Corporation is an independent energy company. The Company also controls EnLink Midstream Partners, L.P. (EnLink). The Company’s segments include U.S., Canada and EnLink. The Company is engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs).
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